Kevin Warsh has vowed to preserve the Fed's independence over monetary policy, telling lawmakers he will never "predetermine" interest rates at the president's request.

Rate hikes now loom as a possibility for Warsh's Fed, a sharp turn from the rate-cut environment that defined Trump's search for a new chair

Get live updates and the latest news as Trump swears in Kevin Warsh as the new Federal Reserve chairman and campaigns for Rep. Mike Lawler in New York.